In the last 24 hours, a strong 18% increase in the price of Solana has elevated the cryptocurrency to the fourth position in market value for the first time in over two years. Following the recent surge, Solana’s market value rose to $41.9 billion, surpassing Binance Chain’s $41.8 billion BNB market value. At the time of writing, SOL is trading at $94.20.
The Solana Rally Continues
Just one day before this development, on December 21, Solana managed to attract significant attention by surpassing XRP in market value. SOL’s price has gained over 30% in the past week, outperforming all other major cryptocurrency assets in the same time frame. Despite this development and the nickname “ETH killer,” Solana still has a long way to go to catch up with Ethereum’s market value of $269 billion.
According to CoinMarketCap, Solana was last in the fourth position in terms of market value in November 2021. At that time, it was at the peak of the bull market cycle with a market value of $75 billion but still behind BNB’s market value of $108 billion.
What’s Happening on the Solana Front?
However, Solana’s price closed the year 2022 just under $10 due to its association with the bankrupt FTX exchange and former crypto billionaire Sam Bankman-Fried in November 2022. A year later, SOL has risen to nearly $100, becoming one of the best-performing crypto assets of the year.
Google Trends also shows a significant increase in searches for Solana, nearly catching up with searches for Ethereum in the US.
With these developments, technical analysts have not neglected to warn about a potential major crash before the end of the year. On December 21, the Solana team looked back at the year with an annual review of events including the Solana Solstice celebration, the Bonk (BONK) craze, the launch of the Saga mobile device, artificial intelligence integration, and corporate partnerships.
